The SAFE/BECU Mega-Me Merger: CEO Nabanhi Ignores SAFE Members, Now Going To Refuse To Listen?

  Don't Worry, Be Happy! Trust Me-Me! 

✅ SAFE CEO Faye Nabanhi chose "shock and awe" over member dialogue, in her "surprise/surprise"  announcement of the mega-me merger between SAFE and BECU in November, 2025

✔ Here's how that came down for long-time member Scott Rose in The Sacramento Bee newspaper [link]: 

"On April 16, 2025, I attended the SAFE Credit Union Annual General Membership meeting. There was no mention on the agenda of any on going merger discussions."

"On November 18, 2025, SAFE Credit Union announced a “merger” with Boeing Employees Credit Union (BECU). "

"On February 28, 2026, I was stunned to hear of this agreement, which was described by SAFE CEO Faye Nabhani as “definitive”. - Scott Rose, SAFE member since 2002.

✔ Back in November, Ms. Nabanhi had told the Sacramento Bee: “Our members will see a direct financial benefit in their day-to-day lives, and we’ll be able to do more in the community and for our workforce.” 

But subsequent analysis of those "financial benefits" cast doubt on that assertion [link]. Ms. Nabhani countered with a statement to the Bee last month that: “This isn’t about an efficiency play.” [link]  😎 Which seemed to confirm the doubts of members like Scott Rose!

✅ But the good news out of all this confusion could be:

    ** The 2026 SAFE Credit Union Annual Meeting ** [link] 

                 Tuesday April 21, 2026 at 5:30 p.m.

 🎉🎉🎉 "All current SAFE members are invited to attend!"  🎉🎉🎉

      [ Location: SAFE Corporate Office, 2295 Iron Point Road Folsom, California] 

 Will Ms. Nabhani allow SAFE  members to speak and have an open forum on the mega-me merger? Will it be live-streamed for members who can't atten to participate? 

 

 

 

 

 

 

 

link   response from safe 

 

The SAFE/BECU Mega-Me Merger: What Was The SAFE Board Thinking?

                      One has to wonder! 

✅ In a recent post, we took a look at several financial asset-type comparisons between SAFE and BECU [link]. There appeared to be little compelling reason for SAFE to merge, as it matched or out-performed BECU in almost all respects. The cruncher was that the operating efficiency of SAFE was far superior - being about -35% lower than BECU! 

To prove the point further, take a look at how BECU compares to other very large credit union peers in operational performance [according to NCUA - link]!  In terms of loans, on average BECU appears to charge members more than peer credit unions while paying members less on their savings. 

The difference in what BECU savers earn (overall referred to as an "average cost of funds" in CU regulatory-speak ) is 1.21%, while at large peer CUs their members' "average cost of funds" is 1.73%... about 50% more! 

😎 Credit Unions generally quote savings rates in terms of "APY"- Annual Percentage Yield. BECU appears to instead be using "APS" - Ain't Paying Squat!

✅ Why do members of BECU, on average, pay more for loans and earn a whole lot less on savings? Yep. you guessed it! The cost of operating BECU is @+15% higher than all other CU peers!

😎 What in the world was the SAFE Board thinking? Gaining "economies of scale" by merging with a larger, out-of-state credit union?... that looks a bit fishy!

 But then again... “No wise fish would go anywhere without a porpoise. - Alice”